Is rent out of reach? Study shows how 11 US cities stack up
NEW YORK (AP) — Renters are on the rise in America's biggest cities, but many tenants are scrambling to keep up with growing rent bills and shrinking vacancies, according to a study released Thursday.
From Boston to Miami, New York to Los Angeles, more than half of tenants are paying what experts consider unaffordable rents, says a report by New York University's Furman Center, which studies real estate and urban policy, and bank Capital One, which is a leading affordable-housing lender and financed the research.
Madoff accountant sentenced to home detention
NEW YORK (AP) — A former accountant who certified fake financial records hiding Bernard Madoff's epic Ponzi scheme was sentenced on Thursday to one year of home confinement, becoming the latest defendant to avoid prison by cooperating in the case.
David Friehling had agreed to cooperate almost immediately after the financial fraud — one of the largest in U.S. history — was exposed in 2008. Last year, he testified for several days against five of the firm's insiders before a jury found them guilty of participating in the scheme.
Teva to pay $1.2 billion in drug-delay settlement
WASHINGTON (AP) — Federal regulators announced Thursday that Teva Pharmaceuticals Industries will pay $1.2 billion to settle charges that one of its subsidiaries illegally blocked the launch of low-cost generic versions of the blockbuster sleeping pill Provigil.
The settlement is a major victory in the federal government's ongoing campaign against a common drug industry practice known as "pay-for-delay" deals. Drugmakers have long maintained that the deals help resolve costly patent litigation between branded drugmakers and their generic competitors. But Federal Trade Commission officials have argued for over a decade that the agreements keep cheaper forms of medicines off the market, driving up costs for consumers and the U.S. health system.
Automakers, gov't reveal models in expanded Takata recall
DETROIT (AP) — Car owners are beginning to find out if their cars or trucks are included in a big expansion of a recall of air bags made by Takata Corp.
Automakers, as well as Canadian and U.S. safety regulators, are posting documents that spell out the vehicles being recalled to replace air bag inflators that can explode with too much force, spewing shrapnel into the passenger compartment.
Six people have been killed and more than 100 injured due to the problem.
US gambling market saturated, yet casinos keep on coming
ATLANTIC CITY, N.J. (AP) — The casino market in the northeastern United States is saturated, yet that's not stopping some states from approving gambling legislation and companies from building new gambling halls.
That's the consensus of participants at a major casino conference in Atlantic City.
Eugene Johnson, of Spectrum Gaming Group, says by the end of this year, there will be 60 casinos in the northeast. That figure will grow to 65 by 2018, according to his colleague, Joe Weinert.
Amazon to offer free same-day delivery to Prime members
NEW YORK (AP) — Amazon wants to make your impulse buys even more impulsive. The e-commerce powerhouse is offering free same-day delivery service in some cities to its Prime loyalty club members.
Amazon says starting Thursday more than 1 million items including books, electronics and vacation gear will be eligible for same-day delivery in 14 metro areas including New York, Los Angeles, the San Francisco Bay Area, Philadelphia, Phoenix and Atlanta. Orders over $35 are eligible for the service. They need to be placed by noon and will be delivered by 9 p.m.
By The Associated Press=
The Dow Jones industrial average lost 36.87 points, or 0.2 percent, to 18,126.12. The Standard & Poor's 500 index fell 2.69 points, or 0.1 percent, to 2,120.79 and the Nasdaq composite gave up 8.62 points, or 0.2 percent, to 5,097.98.
U.S. oil rose 17 cents to $57.68 a barrel after being down $1 a barrel earlier. Brent crude, used by many U.S. refiners in the production of gasoline, rose 52 cents to $62.58 in London. Wholesale gasoline gained 4.1 cents to $1.985 a gallon. Heating oil rose 1.4 cents to $1.87 a gallon. Natural gas fell 14.1 cents to $2.706 per 1,000 cubic feet.